Martifer

Investor Presentation • Aug 26, 2021

DISCLOSURE

This document (20 pages) was prepared by Martifer SGPS, S.A. exclusively for the present disclosure. The referred financial information is unaudited information.

All communications, queries and requests for information relating to this document should be addressed to the representatives of Martifer SGPS, S.A..

HIGHLIGHTS

Operating Income reached 125.3 M€, of which 67.0 M€ in Metallic Constructions, 52.5 M€ in the Naval Industry and 6.6 M€ in Renewables

Positive EBITDA of 12.6 M€ (margin of 10.8% on Turnover), with all operating segments presenting positive EBITDA

Turnover generated outside Portugal and exports amount to 82% of the total Turnover of the Group

Positive Equity of 11.5 M€, with Equity attributable to the Group of 12.8 M€

Gross Debt with a reduction of 6 M€ in relation to December 2020 to 114 M€. Net Debt was reduced in 3 M€ to 73 M€

Gross Value Added amounted to around 27.7 M€, 24 % of Turnover

Order Book of 512 M€ in Metallic Constructions and in the Naval Industry

Net Profit attributable to the Group of 5.8 M€

RESULTS ANALYSIS

RESULT ANALYSIS

M€	MARTIFER CONSOLIDATED
Operating Income	125.3
EBITDA	12.6
EBITDA Margin	10.8%
Amortisation and depreciation	-2.8
Provisions and impairment losses	-0.4
EBIT	9.4
EBIT Margin	8.1%
Financial result	-2.4
Results in associate companies	0.7
Net Income for the year	6.1
Attributable to the Group	5.8

6

Operating Income 1H 2021 42% 53% 5% Metallic Constructions Naval Industry Renewables

CAPEX AND FINANCIAL DEBT

Total CAPEX of 2.6 M€, (excluding right-of-use assets relating to lease contracts recognised under IFRS 16 - Leases), of which 1.8 M€ in Renewables, 0.5 M€ in the Naval Industry and 0.4 M€ in Metallic Constructions.

0 50 100 150 200 250 300 2015 2016 2017 2018 2019 2020 1H2021 73 114 249 ^{176 173} 223 106 351 276 223 206 141 76 120 Net debt Gross debt + Naval Industry Renewables Holding

Gross debt = Loans (+/-) Derivatives Net debt = Gross debt - Cash and cash equivalents

CAPEX FINANCIAL DEBT (M€)

FINANCIAL DEBT | DEBT PHASING

• Medium- and longterm phasing of the financial Debt
• Average maturity of the Debt is 7 years
• Average cost of Debt < 3.5%
• Solid Liquidity Ratio

EBITDA (M€)

Net Debt/EBITDA (x)

ANNUAL CAPITAL REPAYMENTS (M€)

GROSS FINANCIAL DEBT | PROJECTION (M€)

BALANCE SHEET

BALANCE SHEET

M€	JUNE 2021
Non-current assets:
Intangible assets (including Goodwill)	11.4
Tangible fixed assets	57.2
Right-of-use assets	15.9
Financial investments (including Investment Prop. and Financial assets at fair value)	29.1
Trade receivables and Other receivables	8.8
Deferred tax assets	5.7
Current assets:
Inventories	7.7
Trade receivables and Other receivables	51.6
Contract Assets	28.7
Prepayments	10.9
Other current assets	9.2
Cash and cash equivalents	41.1
Non-current assets held for sale	0.0
Total assets	277.3
Shared capital and Reserves	7.0
Net income for the period	5.8
Equity attributable to owners of Martifer	12.8
Non-controlling interests	-1.2
Total equity	11.5
Non-current liabilities:
Loans	110.7
Lease liabilities	20.4
Trade payables and Other payables	5.2
Provisions	4.0
Deferred tax liabilities	2.7
Current liabilities:
Loans	3.6
Lease liabilities	0.8
Trade payables and Other payables	61.9
Contract Liabilities	43.5
Other current liabilities	13.0

Total liabilities 265.8

(unaudited)

ORDER BOOK

METALLIC CONSTRUCTIONS + NAVAL INDUSTRY | ORDER BOOK

BY GEOGRAPHY BY PRODUCT BY YEAR

12

TOTAL ORDER BOOK

512 M€

METALLIC CONSTRUCTIONS | OPERATIONAL ACTIVITY

Relevant projects in order book

NAVAL INDUSTRY | OPERATIONAL ACTIVITY

Relevant projects in order book

RENEWABLES & ENERGY | INFRASTRUCTURES FOR ENERGY AND OPERATION & MAINTENANCE

Relevant projects in order book

LONG-TERM CONTRACTS

Galp Energia: General Maintenance Contract of the Sines Refinery (2018-2024) Enerfuel: General Maintenance Contract of the Biodiesel Plant (2020-2024) VALE (Martifer-Visabeira): General Maintenance Contract for the Locomotives of CLN, CDN and CEAR (2020-2024)

SIEMENS ENERGY - Long-term Service Agreement: T-Power & Marchienne Plants (Belgium) | July 2021/August 2021 LIPOR II Power Station (Portugal) | July 2021/August 2021 Gezer Power Station (Israel) | July 2021/August 2021 Pont-sur-Sambre Center Power Station (France) | July 2021/August 2021 Hemweg Power Station (Netherlands) | August 2021/October 2021

GALP ENERGIA - General Maintenance & Repair of Storage Tanks: OP-T204 Tank | Tank no. 204 (GASOLINE) OP-T303 Tank | Tank no. 303 (JET A1)

RENEWABLES & ENERGY | WIND AND SOLAR PROJECTS

PROJECTS IN OPERATION: 1 MWp (PV)

PROJECTS IN CONSTRUCTION: 35 MW (Wind) 3x1 MWp (PV)

PROJECTS UNDER DEVELOPMENT: 68 MW (Wind) 148 MWp (PV)

PROJECTS IN OPERATION: 42 MW (Wind)

PROJECTS UNDER DEVELOPMENT: 12 MWp (PV)

PROJECTS UNDER DEVELOPMENT: 300 MWp (PV)

SUSTAINABILITY AND FUTURE PROSPECTS

ESG - ENVIRONMENTAL, SOCIAL AND GOVERNANCE

SUSTAINABILITY AT MARTIFER GROUP (2020 figures)

Environment

Social

accidents has dropped in the last 6 years SEVERITY RATE

The number of

4.5% EMPLOYEE TRAINING 88% internal training, recognising the technicalpedagogical capacity

EQUALITY AND NON-DISCRIMINATION

Origin, ethnicity, sex, political convictions, religion, sexual orientation or disability

NO forms of individual discrimination are 5% acceptable at Martifer

> 52,500€ DONATED to meet the needs to fight the COVID-19 pandemic

Governance

OPERATING INCOME 121.3M€ in Metallic Constructions, 118.9M€ in Naval Industry and 11.1M€ in Renewables

Adoption of Portuguese Corporate Governance Institute's (2018) corporate governance best practices

Policy based on high standards of conduct, ethics and social responsibility

the corporate bodies Considering diversity requirements, especially gender diversity

STAKEHOLDERS

Communication with the different stakeholders

It is a key aspect for the development of Martifer Group activities

FUTURE PROSTECTS

Having achieved the goal of economic and financial sustainability, the Group intends to consolidate the trajectory of recent years, with a clear strategic positioning and objective by business unit:

• In Metallic Construction: we want to look for opportunities in line with the aim of strengthening the Group's export profile, boosting the industrial capacity in Portugal for the external markets where Martifer is presente;
• In the Naval Industry: we want to execute the investment in the new dock, consolidating the weight of this business unit in the Group's turnover;
• Fostering the Renewables business, either through the rotation of assets, or taking advantage of opportunities in wind and solar projects, we want to continue to enhance the successes achieved, namely in the wind and solar energy auctions in Poland;
• We want to reinforce the Industrial Maintenance activity;
• And doing justice to the Group's DNA, we want to look for opportunities, particularly in the Energy sector, in line with the challenges of energy transition and the goals of decarbonising the economy.

REPRESENTATIVE FOR MARKET RELATIONS

Pedro Moreira

T. +351 232 767 700 F. +351 232 767 750

www.martifer.com